Air compressor maker Ingersoll beats quarterly estimates on strong demand

Ingersoll Rand

15/02/2024 22:54

Feb 15 (Reuters) - Ingersoll Rand  IR.N  on Thursday
beat fourth-quarter estimates on strong demand for its air
compressors, pumps and power tools, sending shares up 4.8% in
extended trading. 
    An advancing non-residential construction market in the U.S.
has bolstered the demand for the company's products. 
    Despite inflationary pressures, a continuing demand for
goods has encouraged businesses to rebuild inventories on back
of increased investment under the U.S. Inflation Reduction Act .
    In the quarter, Ingersoll received orders worth $1.67
billion, and backlog was up 8%. 
    The Davidson, North Carolina-based company expects full-year
adjusted earnings per share between $3.14 and $3.24, compared
with market expectations of $3.17, according to LSEG data. 
    It also expects annual revenue growth of 5% to 7%. 
    The company reported an adjusted profit of 86 cents per
share, ahead of analysts average estimate of 77 cents per share,
according to LSEG data. 
    For the quarter ended Dec 31, it reported quarterly revenue
of $1.82 billion. 

 (Reporting by Anandita Mehrotra in Bengaluru; Editing by Tasim
Zahid)
 ((Anandita.Mehrotra@thomsonreuters.com;))